Bitwise Asset Management acquires Chorus One

Bitwise Asset Management has acquired Chorus One, an institutional staking provider, to bolster its capabilities in the digital asset ecosystem. This acquisition underscores Bitwise's strategy to fortify its presence across more than 30 proof-of-stake networks by incorporating Chorus One's substantial $2.2 billion in staked assets.

The acquisition will result in the integration of Chorus One into Bitwise Onchain Solutions, the specialized staking division within Bitwise. The move involves the transfer of 50 blockchain professionals from Chorus One to Bitwise, increasing the latter's staff to nearly 200 employees globally. Although financial terms remain undisclosed, this operational merger significantly expands Bitwise's capacity to support staking on networks such as Solana, Avalanche, Sui, TON, and Aptos. Chorus One CEO Brian Crain will step into an advisory role as the integration unfolds.

Bitwise's Chief Executive Officer Hunter Horsley highlighted the growth potential in staking for clients who hold spot crypto assets. He emphasized the value of Chorus One's longstanding technical expertise, citing their eight-year track record for reliability and robustness in network support. Bitwise’s CTO Hong Kim echoed these sentiments, noting the shared commitment to technical rigor and the natural fit of Chorus One’s capabilities within Bitwise’s operational framework.

For the cryptocurrency market, which is increasingly driven by institutional interests, Bitwise's expansion could reinforce its position as a leading provider of professional staking services. As demand for institutional-grade services grows, Bitwise's acquisition aligns with its strategy of enhancing existing service lines rather than diversifying into entirely new offerings. Chorus One's infrastructure, developed over years in anticipation of proof-of-stake’s rise, provides Bitwise with a ready-to-deploy expansion of its operations.

Moving forward, the newly-expanded Bitwise Onchain Solutions aims to provide institutional investors and family offices with enhanced access to yield-generating opportunities across the blockchain landscape. The integration is anticipated to proceed quickly, backed by Bitwise's existing infrastructure and focus on fiduciary responsibility and technical reliability. No regulatory hurdles have been publicly identified, suggesting an unobstructed path to completion.